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2/12/2010

CEO Successor Named for Legacy Banks

(PITTSFIELD, MA) – J. Williar (Bill) Dunlaevy, Chairman, President and CEO of Legacy Bancorp, Inc. (NASDAQ: LEGC) and its bank subsidiary, Legacy Banks, today announced the culmination of a management succession process the Board embarked upon over two years ago. He will be transitioning from his position as CEO of Legacy Banks, while remaining as Chairman and CEO of Legacy Bancorp.

Patrick J. Sullivan, currently Executive Vice President and Managing Director of Corporate Banking at Sovereign, will assume the role of President and CEO of Legacy Banks and President of Legacy Bancorp. Additionally, Sullivan will serve on the Boards of the Company and the Bank. These changes are expected to become effective within the next six to eight weeks. As the new president, Sullivan will be responsible for running day-to-day operations of the bank, while Dunlaevy will focus on overall company strategic goals, including identifying market growth opportunities. Dunlaevy praised the management succession process put in place by the board in 2008, and its discipline and care in executing that plan under the leadership of Anne W. Pasko, a director and chair of the board’s Governance and Nominating Committee. He said the process yielded an extremely impressive candidate pool, which is testimony to Legacy’s strong balance sheet and growing franchise. Pasko added, “Pat Sullivan is a powerhouse performer of unquestioned integrity and is highly respected in the banking industry. He has a high energy level with a proven track record of business growth and expansion. I have no doubt that Pat will be a community leader and great asset to the Berkshires and beyond.”

Sullivan brings over thirty years of experience growing, building and strengthening businesses. His work in community banks throughout his career demonstrates that he understands the cultural aspects and success factors of high performing community banks. He has held a variety of executive and management positions. He joined Sovereign in 2000, most recently having served as Managing Director of Corporate Banking, with responsibility for middle market and specialty lending, cash management, international trade banking and government banking. Previously, he held the position of CEO – New England, with responsibility for all commercial and specialty lending efforts as well as community banking activities within the region, consisting of 255 branches and $14 billion in deposits. Prior to joining Sovereign, Sullivan was President and Chief Executive Officer of Howard Bank in Burlington, Vermont. Additionally, he served as COO of a mid-sized family distribution business, and he was the Executive Vice President at First NH Bank, a Bank of Ireland subsidiary.

In making today’s announcement, Dunlaevy commented, “Pat will be just the seventh CEO in the history of the Bank and I could not be more confident that we are putting Legacy in very capable and talented hands. Pat Sullivan is the perfect fit for this job and the right fit for our community.”

“At this point in my career, I am looking forward to returning to my community banking roots and working to grow an institution built around talented people. Legacy fits that bill perfectly. I am passionate about the customer experience and building client relationships by providing creative financial solutions to help customers achieve their goals. I am enthusiastic about getting involved in the communities that we serve and hope to make a difference in social, civic and charitable causes,” said Sullivan. “Finally, I look forward to working with a leader as strong as Bill.”

Sullivan, age 54, has a B.S. and M.B.A from Bryant University and attended the Executive Management Program at Dartmouth College, Amos Tuck School. He has already made plans to purchase a home with his wife Debra in the Berkshires. He has three grown children, Cara, Rory and Ashley.

About Legacy Banks

Legacy Banks is headquartered in Pittsfield, Massachusetts. It is almost $1 billion in assets, employs 185 people, and has nineteen offices throughout Western Massachusetts and Eastern New York. Legacy offers Personal Banking, Mortgage Lending, Commercial Services, Insurance, Investments, Portfolio Management, Credit and Debit Card products, and Online Services. For more information, visit www.legacybanks.com.